Disposal of Property Related to Abandoned Railroad Lines
- The Manila Railroad Company is authorized to sell or otherwise dispose of both personal and real property associated with the discontinued lines.
- Disposal is subject to conditions deemed most beneficial by the company directors and the trustee overseeing the mortgage.
- Any proceeds from the sale of property encumbered by mortgage must be applied according to the deed of mortgage, protecting the interests of bondholders.
Effective Date of the Act
- The provisions of this act take effect immediately upon its approval.